Foresight makes €50m Italian solar investment

UK alternative assets investor Foresight Group has provided a €50m funding package for the construction of solar power projects in Italy.

The investment from Foresight’s European Solar Fund will see 10MWs of solar photovoltaic projects built, with 4MWs of this built through an engineer, procure, construct (EPC) contract with Enerqos, an Italian turnkey supplier of solar farms and BIPV systems. This project is made up of four plants in the Foggia and Lecce regions of Puglia, Southern Italy.

The remaining 6MWs will be produced through the construction of a further six plants will be set-up also in Puglia, through an EPC contract with Ecoware, an Italian solar PV contractor.

Foresight’s Giovanni Terranova, said: “The solar infrastructure market is experiencing rapid growth and continues to attract strong interest from investors and operators. We believe that having ready access to substantial equity capital through our European Solar Fund and an experienced Italian team with a very strong banking network significantly strengthens our market position in the current financial climate. We expect to announce several more deals in the coming months.”